WVC 8 - 22 - 20 A
§8-22-20a. Hiring of actuary; preparation of actuarial valuations.
(a)(1) The Legislature finds that it is in the best interests
of the state and its municipalities to have accurate data regarding
the various municipal police and firemen's pension and relief
funds.

(2) The Legislature finds that the State Treasurer should
contract with an actuary as a consultant for the municipal police
and firemen's pension and relief funds and among other duties the
actuary shall determine if there is consistent reporting from the
various funds. The Legislature further finds that the State
Treasurer or oversight board should share the results of the
actuary's annual valuation with the appropriate municipality.

(b) Except as hereinafter provided, beginning July 1, 2002,
the State Treasurer shall select by competitive bid and contract
with a single qualified actuary. The actuary shall serve as a
consultant to the Treasurer with regard to the operation of the
municipal policemen's and firemen's pension and relief funds and
shall report annually to the Treasurer with regard to all funds
existing in this state by virtue of this article. Costs associated
with the actuary's work shall be paid out of the Municipal Pensions
and Protection Fund established pursuant to section fourteen-d,
article three, chapter thirty-three of this code. The State
Treasurer shall provide the single qualified actuary until the
oversight board assumes the duty of providing for the actuary.
Thereafter, it shall be the duty of the Municipal Pensions Oversight Board to contract for or to employ the single qualified
actuary which, at a minimum, shall serve as a consultant to the
oversight board and report annually to the oversight board with
regard to all municipal policemen's and firemen's pension and
relief funds existing in this state by virtue of this article, and
which shall be paid from moneys deposited in the Municipal Pensions
Security Fund. Copies of the annual report prepared by the actuary
shall be sent to the Joint Committee on Government and Finance, the
chair of the House of Delegates Committee on Pensions and
Retirement and the chair of the Senate Committee on Pensions. Each
municipal pension and relief fund shall receive a copy of the
actuary's results related to that fund.

(c) With respect to each municipal policemen's or firemen's
pension and relief fund, the actuary shall complete an annual
valuation in accordance with actuarial standards of practice
promulgated by the actuarial standards board of the American
Academy of Actuaries. The report of the valuation shall include:
(1) A summary of the benefit provisions evaluated; (2) a summary of
the census data and financial information used in the valuation;
(3) a description of the actuarial assumptions, actuarial costs
method and asset valuation method used in the valuation, including
a statement of the assumed rate of payroll growth and assumed rate
of growth or decline in the number of the fund members'
contributions to the pension fund; (4) a summary of findings that
includes a statement of the actuarial accrued pension liabilities and unfunded actuarial accrued pension liabilities; (5) a schedule
showing the effect of any changes in the benefit provisions,
actuarial assumptions or cost methods since the last annual
actuarial valuation; (6) a statement of whether contributions to
the pension fund are in accordance with the provisions of this
chapter and whether they are expected to be sufficient; and (7) any
other matters determined by the Treasurer or, on or after January
1, 2010, the oversight board, to be necessary or appropriate.
(d)(1) The hiring of an actuary under the provisions of this
section shall not be construed to make the municipal policemen's
and firemen's pension and relief funds the responsibility or
obligation of the State of West Virginia.

(2) Any actuarial deficiency identified by the actuary under
this section or this article is not an obligation of the State of
West Virginia.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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